Best Sole Trader Accounting Software

Selecting the best sole trader accounting software requires considering the ability to create professional-looking invoices easily and simply, as well as the presence of tracking tools for expenses and other accounts, alongside automated tax calculations to facilitate tax preparation..

In addition to offering advanced tools for bank reconciliations and generating professional financial reporting. At the same time, the interface should be user-friendly, meaning it is easy to learn and use.

Best Sole Trader Accounting Software

Sole traders search for easy and simple accounting software that automates tasks, reduces financial errors in records and tax calculations, ensures tax compliance, and creates insightful reports that reflect the financial details over time.

Uncover the Best Sole Trader Accounting Software:

1. Daftra
2. QuickBooks
3. Xero
4. FreshBooks
5. Sage 50
6. Wave
7. Zoho Books
8. Odoo
9. ERPNext

Let’s start with the easiest accounting software for sole traders and small businesses due to its user-friendly interface and mobile application access, and support for multiple currencies and languages, which is “Daftra”:

1- Daftra for Sole Trader Accounting Software

Daftra Accounting Software manages sales, invoicing, books, inventory, and other business activities, and it also offers a 14-day trial with no credit card required.

Daftra suits sole traders due to its simple and user-friendly interface, and the system includes all aspects of accounting that you need, such as sales, accounting, inventory, human resources, operations, and CRM.

Daftra is customized for over 50 industries, with the ability to customize any request for the programs and tools.

Online Sales Management Software

Online Sales Management Software from Daftra provides professional invoicing, estimates, and quotations, along with price lists, shipping options, and online and offline payment management, among other sales services.

Daftra Sales Management Software features cloud POS, sales targets & commissions, and insurance management.

You are enabled to manage the customer's instalment payments, along with receiving automatic reminders of due dates. Additionally, start managing your business database of insurance companies and set duration-based promotions and sales targets.

Accounting and Bookkeeping

Accounting and bookkeeping in Daftra ensure accurate books and journal entries that support the double-entry system, track transactions, and monitor income and expenses.

What you need to know about Daftra Accounting Software Components?

• Asset Management Software is a digital tool designed by Daftra Software to efficiently organize, track, maintain, and optimize assets throughout their entire lifecycle (Lifecycle refers to the process from the beginning of procurement to disposal).
• Chart of Accounts & Journals: Accounting in Daftra enables your business to organize financial accounts by category, including assets, liabilities, owner's equity, revenue, and expenses. On the other hand, accounting journals are books that record all the detailed debit and credit entries for all transactions.
• The Daftra Cheque Cycle is the process of transferring the cheque's payment from the drawer's account to the payee's account, recording how it moves through the accounts, whether physically or digitally.
• Cost Center Management Software is a tool designed by Daftra that aims to track, allocate, and monitor income and expenses through assigning the project costs. The goal of this tool is to cut off the process of providing real-time data and detailed reports, and supporting informed decision-making.
• Expense management software is a digital tool designed by Daftra that offers automatic tracking and reporting of business expenses. This tool can be used by employees and finance departments. Enable the submission of receipts via mobile apps and automatically extract data.

Project Operations by Daftra

With Daftra, you can manage all projects, create task orders, set up projects, track expenses, assign designated employees, schedule appointments, and perform other project management activities.

Easily access Daftra Project Operation tools:

• Work Orders

Daftra work orders allow managing project entries and actions, recording financial operations and monitoring the revenue and expenses, providing the project profit final statement, and other tasks.

• Booking Management

Daftra Booking Management Software enables your business to schedule and manage clients' bookings and appointments. Additionally, it automatically arranges booking lists, assigns commission staff to manage booked services, and converts bookings into detailed invoices.

• Time Tracking

Time Tracking Software by Daftra is designed to manage and record employee work hours, define project tasks, and convert them into a detailed invoice to provide a report that reflects both individual and team performance.

• Rental and Unit Management Program

The Rental and Unit Management Program from Daftra allows your business to efficiently manage and improve the rental operation by offering a comprehensive solution that works in enhancing customer service and shortening the rental process.

Online CRM Software

Online Customer Relationship Management (CRM) software enables connections with clients from anywhere, at any time, and enhances sales from the Daftra ERP system.

Customer Relationship Management Software Overview

1. Membership Management Software: includes defining the membership packages, tracking subscription periods and consumed balances, registering and adding subscriptions, and providing detailed reports on both new and expired subscriptions.
2. Client Follow-up: The Daftra Client Follow-Up Software includes appointment creation, scheduling client appointments, managing recurring appointments, assigning in-charge staff, and following up on appointments. The main goal of this tool is to enhance client communication.
3. Loyalty Points Management Program: The Loyalty Points Management Program from Daftra helps retain current customers, build a loyalty program base, and convert it into monetary value to encourage continued purchasing, such as offering discounts.
4. Points and Credits Management Software: is a digital tool that provides a detailed overview of consumable balances, points, and credits.

Inventory and Suppliers Management Software

Daftra Inventory and Suppliers Management Software operates by managing products and services through a customizable inventory platform designed to reduce mistakes and errors, as well as eliminate tedious, repetitive operations.

Pros 

• Free and quick support 24/7.
• Hosted on secure servers with 256-bit SSL encryption technology.
• Fully customizable templates, report filtering, and other features.
• Simple and user-friendly interface.
• Remotely accessible from any device and consistently updated.
• Free Lifetime Updates.

Daftra for Sole Trader Pricing Plan

Read also: Best Accounting software in Saudi Arabia

2- QuickBooks: Best Sole Trader Accounting Software

QuickBooks Accounting Software provides sole traders with simple and smart accounting solutions to streamline their financial and accounting processes, as well as offers professional invoice creation, expense management, and VAT return preparation services.

QuickBooks Accounting Software has over 6.5 million subscribers, featuring an AI-powered system that automates various tasks to eliminate tedious tasks, such as categorizing business and personal expenses, tracking mileage, accepting payments, and sending professional, customizable invoices.

The integration software is a top feature in the system, as it integrates over 300 apps and software, allowing users to have a simple and effortless experience.

Pros

• Offers endless customizable report requirements.
• Supports various projects, payroll, and other.
• Features a useful mobile app.
• In-depth contact records and transaction forms.

Cons

• Highly priced.
• There are some features hidden in the Mobile.

QuickBooks Accounting Software pricing plan

Read also: Best Accounting software for small and medium business

3- Xero Sole Trader Accounting Software

Xero for Sole Trader Accounting Software is a smart pick, as it offers a simple interface and supports bills, expenses, inventory, payroll, purchases, reports, advanced analytics, and sales.

A sole trader requires advanced accounting software tools to track projects efficiently and utilizes AI for automation and connectivity, streamlining repetitive financial processes.

Pros

• Thorough accounting features.
• New inventory add-on.
• Gusto integration for payroll.
• Exceptional online help.
• Good mobile apps.

Cons

• Must link time entries to projects.
• Transaction templates are difficult to modify.

Xero Sole Trader Accounting Software pricing plan

Read also: Best Bookkeeping Software in Saudi Arabia

4- FreshBooks Sole Trader Accounting Software

FreshBooks Accounting Software suits sole traders, as it's a full-featured system that offers a double-entry system and supports payroll, multiple currencies, and various languages.

It can be enhanced with advanced financial and management tools for complex tasks, customization, and AI-powered tools, and it provides a mobile application to manage your business remotely.

Pros 

• User-Friendly Interface
• Built-in time tracking.
• Provides a Mobile Application.
• Generates professional financial reports.

Cons

• Monthly subscription fees are high.
• Limited capabilities for managing inventory.

FreshBooks Sole Trader Accounting Software pricing plan

5- Sage 50 Accounting for Sole Trader 

Sage 50 Accounting offers advanced and comprehensive features for sole traders, such as Remote Data Access and integration with Microsoft 365 Business. Additionally, it offers inventory tracking and advanced accounting capabilities.

As well, Sage 50 offers in-depth record and transaction forms, professional reports, and more tools and applications that will cut out tedious tasks and let you focus on running your business.

Pros 

• Microsoft 365 Business integration.
• User-friendly interface.
• Advanced accounting capabilities.

Cons

• It is just available in Windows.
• No mobile apps.

Sage 50 Accounting for Sole Trader Pricing Plans

6- Wave: Best Sole Trader Accounting Software

Wave Software for Sole Traders features two subscription tiers: free and pro. The system supports multiple currencies, various languages, and comprehensive tools and applications that cater to the needs of sole traders, freelancers, and small businesses.

Wave accounting software features include integrated payroll and double-entry accounting support, an easy user interface, suitable features for small businesses, good invoice and transaction management, and improved mobile apps.

Pros

• Integrates with payment processors and accounting tools.
• Tracking: Easy categorization and tracking of expenses.
• Receipt scanning via the mobile app.

Cons

• No time tracking or projects.
• Limited customer support.

Wave Accounting Software Pricing Plan for Sole Traders

7- Zoho Books: Sole Trader Accounting Software

Zoho Books offers integration with accounting data, CRM, customer service, and usability in standard bookkeeping, as well as customizable invoices and reports. The system supports multicurrency, language options, and mobile applications.

Zoho Books is an affordable software that features automation for efficiency in invoicing and payments, expense tracking, banking integration, and generating professional financial reports. Additionally, you can manage accounting and finances from the mobile application.

Pros 

• Provide a mobile application.
• Supports multicurrency and language options.
• Customizable invoices and the system interface.
• The pricing is competitive and affordable.

Cons

• The tools may be complex for small businesses.
• Not all projects feature time tracking.
• Several features require add-ons.

Zoho Books for Sole Trader Pricing Plan

8- Odoo Accounting Software for Sale Traders

Odoo Accounting Software for Sale Traders offers a comprehensive solution, including integrated sales management, product & inventory management, e-commerce & retail integration, and more solutions, tools, and programs to utilize.

With Odoo software, you can create professional invoices, monitor product costs, automate sales warnings, and manage both e-commerce and traditional retail sales.

Pros

• A customization system that meets various requirements.
• The system adapts to different company sizes, industries, and needs.

Cons

• The setup is complex, especially for users without technical expertise.
• Advanced modules increase costs significantly.

Odoo for Sole Trader Pricing Plan

9- ERPNext: Sole Trader Accounting Software

ERPNext Accounting Software is an excellent choice for sole traders due to its comprehensive financial and management tools and programs, which offer flexibility and scalability for each task.

The system handles fundamental accounts, Sales, CRM, Quality, Support, and HR & Payroll. ERPNext features a user-friendly interface, and built with GST compliance, and supports various tax regulations

Pros 

• User-Friendly Interface.
• Highly customizable to fit Sole Trader requirements.
• Free to use, with the option for self-hosting.

Cons

• Its complexity and learning curve are overkill for sole traders.
• Limited Customer Support.

ERPNext for Sole Trader Pricing Plan